ing Co. reported the following current-year purchases and sales for its only product Exercise 6-7 Perpetual: Inventory costing methods-FIF and LIFO P1 Activities Units Acquired at Cost 200 units @$10 $ 2,000 350 units @ $15 = 5250 450 units @ $20 = 9,000 100 units @ $25 = 2,500 Units Sold at Retail Jan. 1 Beginning inventory Jan. 10 Sales. Mar. 14 Purchase Mar. 15 Sales. July 30 Purchase . .. Oct. 5 Sales. Oct. 26 Purchase 150 units@ $40 300 units @ $40 430 units @ $40 1,100 units$18,750 880 umits Required emming uses a perpetual inventory system. Determine the costs assigned to ending inventory and to cost Check Ending invento n (a) FIFO and (b) LIFO. Compute the gross margin for each method. (Round amounts LIFO, $4,150 to cents.) Refer f o the information in Exercise 6-7. Ending inventory consists of 45 units from the March 14 pur- Exercise 6-8